The demand for products from monopolistic competitors is relatively elastic due to:
A. High barriers to entry.
B. The availability of many close substitutes.
C. The availability of many complementary goods.
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Consider a firm in an oligopoly market that believes the demand curve for its product is more elastic above a certain price than below this price. This belief fits most closely to which of the followi
A. Cournot model.
B. Dominant firm model.
C. Kinked demand model.
Which of the following statements most accuratelydescribes the shapes of the average variable cost （AVC） and average total cost （ATC） curves over a wide range of output？
A. The AVC curve and the ATC curve are both U-shaped.
B. The AVC curve declines throughout;the ATC curve is U-shaped.
C. The AVC curve is U-shaped;the ATC curve increases initially then declines.
Marginal revenue is best interpreted as the:
Addition to total revenue from the next unit produced and sold.
B. Increment to average revenue from the next unit produced and sold.
C. Smallest increment of revenue that can be gained by producing and selling a unit.
A consumers equilibrium bundle of goods is bestdescribed as being located:
At the point where an indifference curve and budget line cross.
B. At the point of tangency of an indifference curve with a budget line.
C. On the highest indifference curve that lies entirely below the budget line.
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